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Long Term Care

Long Term Care Insurance

Long Term Care Insurance Policies

Campbell Insurance Agency


With long term insurance, it is important to purchase the best you can afford as this coverage helps to provide for those having financial difficulties due to the high cost of long-term care. Long term care is almost never covered by typical health insurance or by government provided Medicaid or Medicare. This insurance will provide financial assistance to those who must face a challenging health condition for an extended period; it is a means to reduce stress and worry as long term care can drain a normal person's finances in quick order.

Long-term care insurance policies can cover in-home care, adult daycare, hospice facility care, nursing home, including for those suffering from Alzheimer's, and respite care costs, to name the most common options. The benefits of Long Term Care Insurance are numerous. A big concern of many a parent is to not be a future burden to his or her children financially or otherwise. A concerned parent may instead opt for long term insurance to help cover any expenses that may be incurred in the event that he or she can no longer take care of him or herself. Without this kind of coverage, the cost of care could easily bankrupt some families, causing any accumulated savings to evaporate. And this is by no means all. This kind of insurance offers other benefits as well. For example, premiums that are paid for long term care coverage could be eligible for a deduction on ones income tax.

The two basic kinds of policies are known as "tax qualified" and "non-tax qualified." The most common kind of policy offered is of the tax qualified type. In this kind of policy, if a person needs care for at least a period of 90 days but is unable to perform 2 or more normal activities like bathing or eating, then this kind of policy provides help. There is also the non-tax qualified policy, which has been previously known as "traditional long term care insurance". For this type of coverage, in order to receive help, a patient's doctor or an insurance company official must provide official notification and approval for the patients care as a direct result of a medical reason. Once this is satisfied, the policy will then begin its payout. With a non-tax qualified policy, it only has the stipulation that the patient not be able to perform just 1 or more tasks of daily, normal life.